Change the measurement of main variables.

The synergistic transformation of digitization and greenization has become an important direction in China’s economic development. Small and Medium Enterprises (SMEs) have the characteristics of small scale and high growth and have become the key force of synergistic transformation of digitization and greenization. Synergistic transformation of digitization and greenization helps to promote the coordination and unification of SMEs’ operating efficiency and environmental protection, resulting in the effect of 1 + 1 > 2, which has become an important factor in promoting enterprise risk-taking. Using the sample of enterprises listed on the SME board from 2012 to 2022, this paper adopts the Haken model to measure SMEs’ synergistic transformation of digitization and greenization and analyzes its impact on enterprise risk-taking, drawing the following conclusions: (1) SMEs’ synergistic transformation of digitization and greenization significantly promotes enterprise risk-taking. (2) The impact mechanism analysis finds that SMEs’ synergistic transformation of digitization and greenization improves enterprise risk-taking by reducing cash holdings and Research and Development (R&D) investment. (3) Further research finds that compared with state-owned SMEs, the synergistic transformation of digitization and greenization of non-state-owned SMEs has a more significant impact on enterprise risk-taking. Compared with high-tech SMEs, the synergistic transformation of digitization and greenization of non-high-tech SMEs has a more significant impact on enterprise risk-taking. These conclusions have practical significance for promoting SMEs’ synergistic transformation of digitization and greenization and improving enterprise risk-taking.数字化与绿色化协同转型已成为中国经济发展的重要方向。中小企业（Small and Medium Enterprises, SMEs）具有规模小、成长性强的特征，是数字化与绿色化协同转型的关键力量。数字化与绿色化协同转型有助于推动中小企业运营效率与环境保护的协调统一，实现1+1>2的协同效应，已成为促进企业风险承担的重要因素。本文以2012-2022年中小企业板上市企业为样本，采用哈肯模型（Haken model）测度中小企业数字化与绿色化协同转型水平，并分析其对企业风险承担的影响，得出以下结论：（1）中小企业数字化与绿色化协同转型显著提升了企业风险承担水平；（2）影响机制分析发现，中小企业数字化与绿色化协同转型通过降低现金持有与研发（Research and Development, R&D）投入，提升了企业风险承担水平；（3）进一步研究表明，相较于国有中小企业，非国有中小企业的数字化与绿色化协同转型对企业风险承担的影响更为显著；相较于高新技术中小企业，非高新技术中小企业的数字化与绿色化协同转型对企业风险承担的影响更为显著。上述研究结论对推动中小企业数字化与绿色化协同转型、提升企业风险承担水平具有重要的实践指导意义。